Canadian miner Rusoro awarded over $1 bln in Venezuela lawsuit

Aug 23 (Reuters) - Rusoro Mining Ltd, a small
Canadian gold miner, said on Tuesday it was awarded more than
$1.2 billion in damages as a World Bank tribunal ruled that
Venezuela had unlawfully seized the company's gold mine.

The company, which had a market value of C$82.6 million ($64
million) as of Monday's close, had in March 2013 filed a
statement of claim against Venezuela and was seeking $3.03
billion in compensation over the nationalization of its gold
assets in the South American country. (reut.rs/2bCOhWa)

Venezuela had unlawfully expropriated Rusoro's investments
without paying compensation, according to a ruling on Monday by
the Arbitration Tribunal operating under the World Bank's
International Centre for the Settlement of Investment Disputes.

The tribunal ordered Venezuela to pay Rusoro $967.77 million
in damages as of the expropriation date of September 2011, plus
the interest due till the payment date, along with $3.3 million
towards the company's arbitration costs, Rusoro said.

The Vancouver-based company, backed by Russia's Agapov
family, had assets of $46,728 as of June 30, including $41,846
in cash.